Accor reported its first-quarter 2026 results.
Highlights include:
- Group revenue increased by 2.3 percent at constant currency to €1,313 million
- Management & Franchise revenue increased by 8.3 percent at constant currency to €332 million
- RevPAR increased by 5.1 percent, compared with Q1 2025
- Net unit growth increased 3.8 percent over the last 12 months
Statement From Leadership
Sébastien Bazin, chairman and chief executive officer of Accor, said,
“In the first quarter of 2026, the group once again posted steady growth, as the strong momentum from the start of the year more than offset the effects of the conflict in the Middle East. On the ground, our teams are fully committed to adapting our operations to the needs of our property owners and customers. The Group has also implemented measures to protect results, enabling us to minimize the impact of the situation on our performance, prepare for the rebound, and capture growth in regions temporarily benefiting from increased demand, such as Europe and Southeast Asia. Our diversified geographic footprint, the quality of our brand portfolio, and our ability to adapt thus allow us to be confident in our ability to once again deliver improved performance in 2026.
“The hotel business during the first two months of 2026 was remarkably solid, consistent with the momentum observed in the fourth quarter of 2025. The conflict in the Middle East, which began at the end of February, has since severely disrupted the macroeconomic and geopolitical context. Activity in the Middle East, primarily in the United Arab Emirates, has been strongly impacted, while demand in other Accor geographies is holding up. The evolution of the conflict and its impacts remain uncertain. Nevertheless, the Group’s growth algorithm remains intact.
“In the first quarter of 2026, Accor opened 48 hotels corresponding to more than 6,700 rooms, representing a net unit growth of 3.8 percent over the last twelve months. At the end of March 2026, the Group had a hotel network of 879,676 rooms (5,815 hotels) and a pipeline of 260,000 rooms (1,545 hotels).”
First-quarter 2026 RevPAR
The Premium, Midscale, and Economy (PM&E) division posted a 4.5 percent increase in RevPAR compared with the first quarter of 2025, primarily driven by prices.
- The Europe North Africa (ENA) region posted a 2.7 percent increase in RevPAR compared with the first quarter of 2025, driven almost solely by the occupancy rate.
- In France, which accounts for 44 percent of the region’s room revenue, the RevPAR variation in both Paris and the provinces remained robust after an excellent month of December.
- In the United Kingdom, which accounts for 12 percent of the region’s room revenue, the rebound in activity observed since the third quarter of 2025 was confirmed in both London and the provinces.
- In Germany, which accounts for 12 percent of the region’s room revenue, RevPAR returned to slightly negative territory during the first quarter, with activity levels that remain highly correlated to events and fairs.
- The Middle East, Africa, and Asia-Pacific region posted a 5.5 percent increase in RevPAR compared with the first quarter of 2025, driven almost solely by prices.
- Southeast Asia, which accounts for 32 percent of the region’s room revenue, once again became the area with the strongest growth in the region. Thailand and Indonesia, which had experienced a challenging 2025, saw their RevPAR variation return to positive territory in the first quarter of 2026. Singapore and Japan also continued to show solid growth during the period.
- In the Middle East Africa region, which accounts for 27 percent of the region’s room revenue, RevPAR growth remained positive despite the conflict that began on February 28th, impacting the activity more significantly as of mid-March. The United Arab Emirates posted a 9 percent decrease in RevPAR during the first quarter, while Saudi Arabia and Egypt’s RevPARs grew during the period.
- The Pacific, which accounts for 26 percent of the region’s room revenue, continued to show strong RevPAR growth, consistent with the trend observed during fiscal year 2025.
- In China, which accounts for 15 percent of the region’s room revenue, RevPAR trends continued to improve sequentially but remained slightly negative.
- The Americas region, which mainly reflects the performance of Brazil (59 percent of the region’s room revenue), posted a 9.1 percent increase in RevPAR compared with the first quarter of 2025.
- Brazil continued to show double-digit RevPAR growth during this period.
The Luxury & Lifestyle (L&L) division posted a 6.0 percent increase in RevPAR compared with the first quarter of 2025, two-thirds driven by prices.
- Luxury, which accounts for 72 percent of the division’s room revenue, posted a 6.8 percent increase in RevPAR compared with the first quarter of 2025. All brands and regions except the Middle East contributed to this strong performance, confirming global demand for this segment.
- Lifestyle, which is more exposed to the Middle East, posted a 4.2 percent increase in RevPAR compared with the first quarter of 2025. Resort hotels, due to their strong presence in the United Arab Emirates, were more strongly impacted by the conflict. “Lifestyle collective” hotels, for their part, continued to show solid RevPAR growth throughout the quarter.
Group Revenue
For the first quarter of 2026, the Group recorded revenue of €1,313 million, up 2.3 percent at constant currency compared with the first quarter of 2025. This increase breaks down into a 4.6 percent rise at constant currency for the Premium, Midscale, and Economy division and a 0.7 percent decrease at constant currency for the Luxury & Lifestyle division, which was negatively impacted by disposals accounting for 6.2 percent.
Currency effects had a negative impact of €66 million, mainly related to the US dollar (down 10 percent), the UAE dirham (down 10 percent), and the Canadian dollar (down 6 percent).
Scope effects (€18 million) were mainly related to the disposal of Paris Society’s “Festive” activity.
Premium, Midscale & Economy Revenue
Premium, Midscale and Economy, which includes fees from Management & Franchise (M&F), Sales, Marketing, Distribution and Loyalty (SMDL), and Hotel Assets & Other activities of the Group’s Premium, Midscale and Economy brands, generated revenue of €663 million, up 4.6 percent at constant currency compared with the first quarter of 2025.
Management & Franchise (M&F) revenue stood at €201 million, up 4.3 percent at constant currency compared with the first quarter of 2025. This increase mainly reflects RevPAR growth over the period (up 4.5 percent), partially offset by the negative impact of conversions of a limited number of management contracts into franchise contracts, as anticipated, as well as the slower growth of incentive fees for hotels under management contracts.
Sales, Marketing, Distribution, and Loyalty (SMDL) revenue totaled €216 million, up 4.4 percent at constant currency compared with the first quarter of 2026, negatively impacted by accounting effects concentrated in the first quarter of 2025.
Hotel Assets & Other revenue amounted to €245 million, up 5.2 percent at constant currency compared with the first quarter of 2025, driven by strong performances in hotels in Brazil and Australia.
Luxury & Lifestyle Revenue
Luxury & Lifestyle, which includes fees from Management & Franchise (M&F), Sales, Marketing, Distribution, and Loyalty (SMDL), and Hotel Assets & Other activities of the Group’s Luxury & Lifestyle brands, generated revenue of €341 million, down 0.7 percent at constant currency compared with the first quarter of 2025. Disposals negatively impacted revenue growth by 6.2 percent.
Management & Franchise (M&F) revenue stood at €131 million, up 15.2 percent at constant currency compared with the first quarter of 2025. This increase is in line with the RevPAR growth algorithm (up 6.0 percent) and network expansion.
Sales, Marketing, Distribution, and Loyalty (SMDL) revenue totaled €96 million, up 10.6 percent at constant currency compared with the first quarter of 2025.
Hotel Assets & Other revenue amounted to €115 million, down 20.0 percent at constant currency compared with the first quarter of 2025, mainly reflecting the disposal of Paris Society’s “Festive” activity (€21 million impact) and the decline in restaurant activity at Paris Society and Rikas since the beginning of the conflict in the Middle East.
Reimbursed Costs Revenue
“Reimbursed costs” revenue (which corresponds to the charge back of costs incurred on behalf of hotel owners) amounted to €328 million, up 0.5 percent at constant currency compared with the first quarter of 2025.
